One of our favorite things to do at Goering & Granatino is to help start-ups and entrepreneurs launch businesses. There is a lot that goes into starting a business. There is far more to it than simply having a great idea. The challenging part is understanding taxes and insurance, finding a lawyer and setting everything up properly with your local, state and federal governments.
No matter what stage you are in of setting up your business, our team can help. We work diligently to take your business from an idea to a functioning operation. To do this, we help start-ups, entrepreneurs and small business owners avoid common pitfalls that happen when starting a new venture.
For our clients, we:
- Prepare an initial business plan to clarify your marketing, management, and financial plans.
- Determine start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify borrowing power so you know how much money you can get your hands on if needed.
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
- Select the right accounting software by evaluating your budget, needs and hardware.
- Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
- Prepare and file all required state and local licenses and permits.
- Prepare and file your application for your Federal Employer Identification Number.
- Provide payroll and payroll tax filing when you bring on your first employee.
- Comply with employment laws so you don’t get hit with fines and unhappy employees.
- Identify your business insurance needs.
- Help develop a solid Partnership Agreement with your attorney. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
Once the business formation is complete, our work is far from over. Our team usually begins immediately assisting with monthly accounting and bookkeeping, provide advice and counsel, and planning for upcoming tax liabilities.